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Representing the 14th District of ILLINOIS

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Hultgren Welcomes Lake County Office Opening for SBA Loans for Individuals and Small Businesses Affected by Severe Flooding

Nov 15, 2017

Press Release

Washington, DC — U.S. Representative Randy Hultgren (IL-14) today welcomed the decision by the U.S. Small Business Administration (SBA) to locate a Disaster Loan Outreach Center in Lake County which will allow residents and businesses in Lake, McHenry and Cook Counties severely impacted by flash floods and flooding on July 11 to apply for low-interest SBA disaster loans. Administrator McMahon made the loans available in response to a letter from Gov. Bruce Rauner on Nov. 9, 2017, requesting a disaster declaration by the SBA. Previously, the SBA issued a Disaster Declaration for Lake and McHenry Counties with operating centers in Wisconsin only.

“Illinois residents and businesses have suffered significant loss following the severe storms and flooding in July. I am pleased the SBA responded to Illinois needs and have located outreach centers in Lake County to serve Lake, McHenry and Cook counties,” said Rep. Hultgren. “I encourage 14th District residents who were affected to apply for loans to help rebuild following the devastated July floods.”

For small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 3.215 percent for businesses, 2.500 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster.